Senate Questions Accountant-General Over Medium-Term Expenditure Framework

Lawmakers express dissatisfaction with sectors' non-performance explanation.

The Accountant-General of the Federation, Oluwatoyin Madein, faced intense questioning from the Senate during a session on the 2024-2026 Medium-Term Expenditure Framework (MTEF). Lawmakers expressed their dissatisfaction with the explanation provided for the non-performance of certain sectors.

During the session with the Joint Senate Committee on Finance, Madein revealed that there had been zero revenue generated from the Nigerian National Petroleum Company Limited (NNPCL) and the solid minerals sector in the past two years. Additionally, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported an abysmal figure in terms of revenue.

Unsatisfied with the sectors' non-performance explanation, the lawmakers demanded that the AGF provide the names of agencies that were found to be neglecting their revenue obligations. They intended to take immediate action to address the issue.

In the presentation of the 2020 budget revenue of the federation, Madein disclosed that the projected revenue for stamp duties was set at N16 billion, but the actual collection amounted to N119.4 billion. Similarly, for the 2022 figures, the estimated projection was N16.8 billion, but the actual amount generated reached N53 billion. This consistent overperformance of projected budget revenues raised concerns among the joint committee members, who sought clarity on the matter.

Senator Sani Musa, the Chairman of the Senate Committee, urged the AGF to ensure a thorough reconciliation of the Federation Government's accounts. This request aimed to address any discrepancies or irregularities that may exist.

The Senate's scrutiny of the Accountant-General's report highlights their commitment to ensuring transparency and accountability in the management of public funds. By holding the relevant agencies accountable for their revenue obligations, the lawmakers aim to improve financial performance and strengthen the country's economy.

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